GVK's 65-year-old patriarch has shed some of his conservatism and is stepping on the gas.
Private equity investor Actis is set to acquire a stake in infrastructure major GVK's power business for about Rs 1,000 crore, according to sources close to the development.
The sharp pullback in mid and smallcap stocks signals a cooling-off period in segments that previously attracted considerable investor interest.
While sale of stake in airport business and adjacent land will help lower debt, improvement in power business is crucial.
The rating was downgraded despite 25 per cent held by stronger partner Indian Hotels, which operates the company's seven properties in India.
The project, located 65 km north-west of the Alpha township, will rely on the railway infrastructure of the Alpha Coal project to transport coal to the Port of Abbot Point, Bowen.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
According to two independent sources in the know, GVK's lead underwriter, ICICI Bank, plans to reduce its exposure in the highly leveraged transaction. Following the move, the other PSU lenders have told GVK they, too, would like to proportionately bring down exposure.
GVK Airport Holdings, a subsidiary of Hyderabad-based infrastructure developer GVK Power & Infrastructure Limited (GVKPIL), has signed a share purchase agreement with Bid Services Division Mauritius (BSDM) to buy 13.5 per cent in Mumbai International Airport Private Limited (MIAL). The value of the deal was not disclosed.
The Union government has threatened to cancel coal block allocations of as many as 17 companies for failure to develop those allotted to them years before. These include big companies such as Tata Iron and Steel, Sterlite Energy, GMR Energy, ArcelorMittal India, Reliance Energy, GVK Power, Lanco Group and Rungta Mines.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
ArcelorMittal, Anglo Australian major Rio Tinto, Hyderabad-based GVK Power & Infrastructure, Essar Mineral Resources and JSW Steel are among 10 prominent corporations in a shortlist to develop 18 abandoned coal mines owned by state-owned Coal India Ltd and its eight subsidiaries.
GVKPIL Chief Financial Officer A Isaac George says that the company has targeted to increasing its power generation capacity to 10,000 Mw in five years. It also has big hopes in oil and gas exploration and in nuclear power generation.
R-Infra quoted Rs 42-crore (Rs 420-million) premium over the bids of rival companies such as GVK Power and Infrastructure Limited, GMR Infrastructure, B Sennaih and C&C, JMC Srei and Sadhbhav, sources told Business Standard.
The government has threatened to cancel the coal block alloted jointly to ArcelorMittal and GVK Power in Jharkhand for the inordinate delay in developing the property.
Ajit Mishra answers reader queries on the stock market.
The Tamil Nadu government on Friday signed a memorandum of understanding (MoU) with Hyderabad-based GVK Group to set up a Rs 1,500-crore (Rs 15 billion) multi-products special economic zone in 3,000 acres in Perambalur district.
Torrent Power (up 19.25 per cent) and GVK Power and Infrastructure (up 12.22 per cent) have seen a dramatic rise in the run up to PGCIL issue.
FDI of $500 million will come into the country with the Cabinet Committee on Economic Affairs clearing a proposal of the GVK Power and Infrastructure Ltd to issue over 78 lakh shares to NRI shareholders of its sister concern GVK Industries Ltd.
Tata Power, GMR Energy and GVK Power are eyeing the capital's Rs 175-cr first waste-to-energy project.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
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RPG Industries, Hindalco, SAIL, Jindal Steel, Monnet Ispat, GVK Power and Jaiprakash Associates among companies summoned for review.
Starting April 1, a non-executive director of 75 years or more can be appointed or re-appointed only by way of a special resolution, which requires 75 per cent 'for' votes.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Hyderabad-based diversified infra group GVK is likely to finalise stake dilution in its airport business over the next couple of months and the proceeds will be used to clear Rs 2,500-crore (Rs 25 billion) non-operational debt.
The decision was taken by the ministry this week, a top Coal Ministry official said, while refusing to reveal the names of the companies.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
RBI has identified about 50 cases for NPA resolution after it was empowered by the government to ask banks to initiate insolvency proceedings.
Power generation and distribution is the most indebted sector
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FIRs have been registered against top officials of the aviation ministry, GVK Ltd and police department on a complaint that Mumbai International Airport Ltd (MIAL) received undue benefit to the tune of hundreds of crores of rupees from the government.
Finance Minister Arun Jaitley last month pointed to the high cost of capital for India's businesses as a key factor behind a manufacturing slowdown.
Those for power sector to see tussle between prior owners & new challengers
Around 300 promoters serve their company boards for free.
The broader market outperformed with the S&P BSE Midcap down 0.3%, while the S&P BSE Smallcap was little changed.
With its new hybrid annuity model, the government is confident of getting more funds from India Inc.
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
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